LatinNews Daily - 10 November 2022

In brief: Chile’s Latam and union reach deal to avert strike

*Chile-headquartered Latam Airlines, South America’s largest airline, and its main pilots’ union, Sindicato de Pilotos de Latam (SPL), have struck a last-minute deal, preventing a threatened strike according to an SPL statement reported in the local and international media. SPL voted last week to begin a strike citing the fact that, as a result of the coronavirus (Covid-19) pandemic in 2020, 240 pilots were sacked and pay was cut by 30%. According to press reports, while company executives and other employees had since recovered 100% of their pre-pandemic salaries, pilots continue to receive a reduced salary. SPL president Mario Troncoso was cited by the local media as saying that the scenario is now “drastically different” for Latam and, according to all its projections, the “next few years will be a bonanza”, with earnings before interest, taxes, depreciation, and amortisation (Ebitda) expected to come in at US$2bn in 2023, rising to an accumulated US$10.16bn Ebitda by 2026. On 3 November Latam Group announced it had successfully completed its financial restructuring process in the US, which it voluntarily commenced in May 2020 to reduce its debt, access new sources of financing, and transform its business in response to the global pandemic.

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